Crude oil prices declined as strengthening dollar dented demand for the fuel. Meanwhile, crude oil prices fell around 1% on Thursday which may weigh on the Indian Rupee. On Thursday, the offshore Chinese fell below the psychologically-crucial level of seven-per-dollar mark for the first time since December. The Indian Rupee is likely to be weighed down further, tracking a weakness in offshore Chinese yuan. Around a month ago, markets were factoring in around a 20% chance of a rate cut. The Fed Fund future market has priced in a roughly 33% chance of 25-basis-point rate hike in the US Fed's June meeting. US Fed Dallas President Lorie Logan said Thursday she is worried that inflation is still quite high, and the recent data aren't justifying to pause rate hikes in next policy review meeting in June. Forex cards, travel cards fee should be settled in rupees, not in foreign currencies: RBI May 10, 2023, 11:21AM ISTĪll fees assessed on store value cards, travel cards, and foreign prepaid cards payable in India must be settled in rupees.The Rupee closed weaker on Friday as the dollar index rose to an over two-month high on Thursday after upbeat jobless claims data, and the US Federal Reserve officials' hawkish remarks pushed back traders' expectation of rate cut. Read on to know 10 tips about buying foreign currency before travelling abroad. However, if you are travelling abroad for the first time, then it is important to know certain things about buying forex.
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